Consumer alert: Prices going up most everything but gas

Inflation on consumer items, highest in 6 years

JACKSONVILLE, Fla. – Your wallet may be feeling lighter as prices continue to skyrocket on almost everything, from rent to a cup of coffee. In fact, inflation on some consumer items is the highest it's been in six years.

According to a local financial planner, the rise in costs actually indicate an improvement in the economy, but some consumers are still pinching pennies.

Even with the high cost on most items, drivers are getting some financial relief at the pump. In Jacksonville regular gas averages $2.47 per gallon. A year ago, it was about a dollar more ($3.45/gallon). Officials credit the surplus in oil for the drop. 

"I'm excited about the gas prices," says local driver Amy Dutcher.  "I drive a car that gets good gas mileage, however, paying $5.99 for a dozen of eggs is crazy."

The gas prices dip is not helping much with inflation on other goods and services. The cost of coffee has jumped 6 percent in the past year while beef has increased by 11 percent. Rent has also climbed 3.5 percent and even haircuts have jumped by about 3 percent.

"Like everything, it goes up and down," said Jacksonville resident Janet Melo. "So we just have to deal with it."

People can deal with this economic situation by saving money where they can.

Some people have actually started cutting back, buying their meat and produce from stores like Fresh Fields Farms, whose locally distributed goods may offer a cheaper alternative.

And financial planners do not expect prices to let up anytime soon.

"Inflation is real and I think inflation has been very suppressed for the last few years," said financial partner Gary Rosenstone. "I think you'll see a real rise in inflation people better be ready for that."

Financial experts are warning people to plan for their future as interest rates are expected to rise. With interest rates being low for so long, the Federal Reserve is expected to raise the rates. That may impact loans, stocks and even 401Ks.